New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-03-11
THE MONEY NOT YET RAISED.
MIR. sULLYs OPTION IN ABEYANCE.

AN EXTENSION SOUGHT IN THE BALTIMORE AND
| OHIO oNEGoTIATIoNs-wILL THEY SUCCEED
The negotiations for the transfer OF the control of
the Baltimore and Ohio Railroad to New-York synd
cate have not yet been carried to successful ISSUE
1t s reported that the option obtained from President
Garrett by Alfred Suly expired yesterday and that
Mr. Sully unable to raise money to meet the first
payment. While the exact terms of the contract are
not Known 1t has been established that S6 600 600 of
the SlGOOO,OOO required tor the purchase OF 10000
shares at zoo MAS to be paid in cash. The stock,
however, was to be placed iu trust until the pay
ment oil the remsining SIC 600 600, which ears
time was given, had been completed.
It appears that of the cash payment an instalment
oil Slooo,oOo was to be laid yesterday. The sum
was not sent to Baltimore but in place OF the money
request Tor an extension OF the privilege tor
warded IL is not known that any reply to the mes
sage was received The most plausible excuse tor the
failure to exercise the option the statement that
the purchasing syudt ate desired longer time for
investigation OF the condition OF the Baltimore and
Ohio Company The assets and liabilities of the
pany we're stated in round figures when the privilege
on the stock was obtained, aud many persons, who
had expressed Willingness Join in the undertaking
were reluctant on calm reflection to complete the bar
gain without an expert examination OF the affairs OF
the company. member of the proposed syndicate
expressed the general sentiment in about these words
We wond have no objection to entering upon this
agreement, but as business of OF Idnary prudence
and capacity must insist fuller and more x
act report OF the value of the property are buy
ing. IL must not be forgotten that the Baltimore ard
Ohio has several important quarrels its hands-in
railroad questions with the Pennsylva Railroad,
in telegraph matters with the Western Union Com
pany and IN express matters with all the large
COMPANIES. IL would advisable under the
circumstances that persous buying control of the
pany should ascertain first of all whether tnese DIS
putes could DO easily adjnsted think the present
failure has been due chiefly to the premature
nouncement OF the Dlsn before il learned whether
these important disputes could be amicaby arranged.
An adjourned meeting Of the executive committee
OF the Richmond and West Point Terminal Company
was held Yesterday. The option held by Mr.. Suy,
president OF the company, was again under discus
son but the meeting adjourned, SUBJECT to the call OF
the president without taking definite action. IL ls
understood that the proposal o Mr. Garrett 10 relin
qu.h control of the Bal more and Ohio Railroad had
partly IN view an analgaInaion o his company with
the Southern system OF railroads embraced IN the
Terminal Company. The terms Tor such union, II any
formal conditions were presented were not agreed
upon. and II said hy member OF the committee
to be doubtful if "a substantial basis Tor such
agreement could be reached. IL was stated in en-
phatic terms that under circumstances would the
Terminal Company issue any more obligations for
the acquisition OF the Baltimore aud ONO or ans
other property.
Il was part oi the proposed scheme sell or lease
the Baltimore aud Ohio Telegraph system TO the
Western JniOn Company. The cost OF the telegraph
sJO00.uOJ and IT was thought by the projectors OF
the plan that the Western Union Company wO.ld
readily buy the Sytem at the cost price Tor the sake
oi relieving itselt nom persistent nNalrS. IL was
hoped that the sale of the telegraph lines would
furnish ca tal enough to reimburse the members OF
the syndicate the cash outlay while whole year
was allowed Tor the settlement OF the remainder OF
the purchase money. The statements OF DR.. Noryin
t;ieeu pr, sident OF The Western mon Company, and
oi Jay Gou.d, which were published III I'M iRIBUNE
yesterday, tended to ds-ipne these expectations 1t
found that all oycriures to the Western Union
Company and Its irends were rejected. New Efforts
10 the cooperation OF Mr. could were made
ycrerday but without mrhcr success. lie remarked
said yesterday tDat bad no sh TO en- age IN
enterprises can only repeat the statement to-
day. cs IL is trae that wus Offered this morning
TIE contract which Mr.. Sully Is said - hold, ON
condition that would pay the 81, OOO 900 necessary
10 make the option good after today. MY BANK ac-
count has not been depicted Tor that purpose am
willing that any should have the control OF tue
Property VIII, wishc, 10 buy IL on such terms.
Hhoud want TO look IL over cdcIully Dclofc naihcd
William b. DinSinore president OF the Adams Ex- |
res Comuany W., seen bya TRIBt ~ reporter. but |
he laughinsly TUNED OF all questions with regard To
negotiations tor the control OF tue baltimore and
ohio Railroad affecting the express lei atoms OF |
that company ana the ronu-l Is ANA Railroad. fub-
sh all yoI please, he said, auont the deal, but /
cayr MS ont. In n transaction that involves |
y pl6,0OOtO where would little three cent express |
igutci e. lEen IN a more serious tone MIR. DlnsmOre
sand The Adams Express Company II not tarty |
any OF the negotiations affecting the baltimore and
Ohio." lIo added, after little further perslfiage
| suppose the whole thing will 20 through all r.ht
finally But please leave us out OF the matter
altogether"
A we'll known capitalist whose position gives him
good opportunities Tor inside knowledge said As
undcr-tand the situation nothing has yet been done
and dOput whether anything can be acc mp1shed
Tne trouble il IN raising the money needed Tor the
first payment. The bankers whose aid will be neces-
say carry out such bg deal are sctDtcal az To It's
substantial character and M there are g0ods many
Londs pressing on the market TOR sale they want u
good ioun alton Tor any new loans. | do not think
that the minority stockholders would icel Dadly II
the scheme went through Tor while they are not in
cluded in the proposed transaction they would expect
10 reap "a bcntiit from the idea OF doubling The stock
and putting it on the Newl ork Stock Exchange. |
think Mr Garrett NAV want 10 sell his stock at good
price and possibly the final outcome may be closer
traffic relation between the roads intcicsted ana ~
might involve n telegraph settlement. But there Is
this 10 remembered that while the express DnSi'
mes, OF the Baltimore and Ohio pays. ihe Telegraph
line does not pay